China Nio shares soar 20% as EV deliveries more than double in April

Chinese electric car maker stocks NIO Company Shares rose 20% on Thursday after the company more than doubled its vehicle deliveries in April.

The company’s Hong Kong-listed shares rose 23% to HK$44.20, hitting their highest level in more than six weeks.Nio stock also helped lift the broader market Hang Seng Indexup 2% by midday trading.

Neo said In April, 15,620 vehicles were delivered, an increase of 134.6% compared with last year.

“Deliveries included 8,817 high-end smart electric SUVs and 6,803 high-end smart electric sedans,” the company said in a statement on Wednesday.

NIO has delivered 45,673 vehicles so far this year, an increase of 21.2% compared with the same period last year.

The Chinese EV maker has also been expanding its battery-swap partnerships as it seeks to gain an edge in the EV ecosystem’s infrastructure. Efforts like these are aimed at alleviating consumer anxiety about range.

Other Chinese EV makers include Li Auto, Xpeng Motors and BYD Deliveries for April were also announced on Wednesday, and Li Auto was the only company to report lower deliveries than the previous month.

ideal car publish 25,787 cars in April, down 11% from March. The company’s Hong Kong-listed shares were still up 3%.

Xpeng Said it 9,393 electric vehicles were delivered in April, an increase of 4% from the previous month.BYD’s Sales volume Electric vehicle sales in April were 313,245 units, an increase of 3.6% from 302,459 units in March.

Hong Kong-listed Xpeng Motors’ shares rose 7.5%, while BYD’s shares rose 5%.

Chinese smartphone maker Xiaomi also recently joined the fray and launched An electric car in early April. The company prices the SU7 about $4,000 less than the Tesla Model 3.